1205 W 37th Drive

Description

We are pleased to present a brand-new construction student housing investment property located at 1205 West 37th Drive in Los Angeles, CA - one block from the University of Southern California (USC). The property consists of a fully-renovated 5 Bed/5 Bath House, and three new construction 3 Bed/3 Bath units. Two of the units were built in 2020 and one unit is currently in process of construction for a garage conversion Accessory Dwelling Unit (ADU). The house is master-leased to a student housing operator and the two new construction 3/3 units are fully leased to students.Owner is in process of completing the construction and will deliver the property fully completed and fully leased at the close of escrow. Owner will also consider an offer as-is with a new buyer completing the ADU construction themselves.The University of Southern California is a private research university in Los Angeles, California. Founded in 1880, it is the oldest private research university in the state. For the 202122 academic year, there were 20,000 students enrolled in four-year undergraduate programs. USC also has 27,500 graduate and professional students in a number of different programs, including business, law, engineering, social work, occupational therapy, pharmacy, and medicine. It is the largest private employer in the City of Los Angeles and generates $8 billion in economic impact on Los Angeles and California.The area surrounding the campus has seen and will continue to see sustained appreciation due to the recently opened LAMetro Exposition Light Rail line, the LAFC Banc of California stadium and the soon-to-be completed $1 Billion George Lucas Narrative Art museum that is currently under construction. USC recently completed (less than a mile from the subject property) the $700-Million Mixed-Use Project at the University Village offering major national retailers, open spaces, student housing and innovative academic collaboration spaces.